Making financial planning for women accessible

There were some interesting themes in PIMFA’s findings. Women generally felt less comfortable talking about their finances compared to men, which shows just how important an empathetic, relationship-led approach is. For many women, financial planning isn’t just about investment returns – it’s about reaching life goals.

Family involvement also stood out as a priority. When children (and even grandchildren) are part of the picture, financial planning should ultimately support future generations as well.

Kelly Russell, a financial planner with Amber River Midlands, relates to the focus on life events. She shares her experience of supporting women through major life changes:

“I help a lot of women when they go through big life changes, particularly divorce or the death of a partner or parent. It’s usually the men who’ve dealt with the finances in the past, so when it all suddenly falls into their lap, they can feel really stranded.

“That’s where I come in. I act as a counsellor as well as adviser, and it’s the part of the job I love the most. It’s about helping people find their way through the financial burden to a clear plan and more hopeful future.”

A crucial area where many women feel left behind is in pension planning.

Jill Thomas, from Amber River Leodis Wealth, highlights how women’s unique career paths often impact their pension provision:

“It’s a generalisation, but women’s career patterns are often different from men’s. Many women take time off to raise children or care for family. And if we look at the older generation, they expected to retire at 60 but are now looking at 67. In both cases, there’s often a lack of awareness around the pension gap and how to close it.”

This difference in career paths can leave significant gaps in pension savings, but divorce can also have a big impact. As Jill explains, women often overlook pension provisions in the midst of focusing on more immediate concerns.

“When women go through a divorce, they tend to focus on the house and the income, plus other immediate issues. They don’t think about the pension provision they may be entitled to from their ex-husband”.

The research suggests that women can sometimes feel less confident when making investment decisions, which makes finding a trusted adviser essential – someone they can be open with about their current situation and future goals. It’s important to work with an adviser who takes the time to understand and empathise, building a strong, long-term relationship.

Julia Williams, from Amber River C&M, often finds that many women first seek financial advice after a traumatic life event, such as a death or divorce. In these moments, the relationship with an adviser goes far beyond just finances.

“When I talk to my female clients, the conversation is often driven by their emotional needs, with their financial concerns coming later. Women need someone who listens and gives them the space to process their emotions before we start discussing the financial side,” she suggests.

“Many women feel more comfortable talking to another woman during these difficult times. They often tell me they feel more understood and at ease opening up about their emotions and concerns. It’s not just about the finances – it’s about creating a safe, supportive space where they feel heard.”

While some women seek specific advice following a big life change, others, such as female professionals and high earners, need help in other ways.

Jill explains that many high-earning female clients, such as CEOs or top executives, often have a knowledge gap when it comes to pension provisions. “With career breaks and delayed state pensions, many haven’t explored options like carry forward or used cashflow modelling to identify potential funding gaps.”

Ensuring these women are prepared for a financially secure future involves not only helping them maximise their pension contributions now, but also developing a clear understanding of their longer-term life goals and how they can achieve them.

Women often place a high value on family involvement when it comes to financial planning, according to the research findings.

Kelly highlights the importance of including adult children in the family finance discussions to ensure everyone is prepared and informed.

“I always encourage older clients to include their adult children in the conversation, so, if anything happens to their parents, the children know what preparations have been put in place. I can also facilitate and open up difficult conversations between the generations – money isn’t always an easy topic to talk about!”

Julia adds that self-sufficiency is also a crucial lesson for younger generations, encouraging them to understand and manage their financial plans independently.

“One thing I really want to instil in women of all ages, from young to old, who are married or in relationships is: don’t become completely reliant on your spouse/partner. Self-sufficiency is key. You need to know and understand your financial plan for your future, and make sure it’s on track to meet your goals.”

The financial advice industry has to keep evolving to better serve female clients. At Amber River our advisers take a more empathetic and conversational approach, focusing on what really matters – your personal values and life goals, and family. By looking at the bigger picture and planning for the long term, we offer a service that women really value.